CircleBack Lending is an online consumer credit lender that allows institutional investors, such as banks, pension funds and insurance companies to purchase personal loans made to borrowers with good to excellent credit. This offers prime borrowers the chance to qualify for low-interest fixed-rate unsecured loans and gives professional investors access to a high-return and low-risk investment to further diversify their portfolio.
Borrowers must first create loan request detailing how much they want to borrow and whether they want a 36-month or 60-month loan term. CircleBack Investors then assess your loan request. Once your loan is approved, CircleBack Lending deposits the cash directly into your account.
Interest rates vary depending on how much you borrow, the term of the loan and your credit grade. The shorter the loan term, the lower the rates. Lower loan amounts also translate into better rates. The rates available range from 6.63% to 36%. For instance a super-prime borrower with an A to B grade applying for a 36-month $20,000, could qualify for rates ranging from 6.63% to 12.82%. The same loan for a borrower with a G to H credit grade, may qualify for rates ranging from 24.06% to 36%.
CircleBack lending offers loan amounts ranging from $3,001 to $35,000. A 36-month loan of $20,000 with an interest rate of 6.63% APR, will cost you $614.16 in monthly payments for a total cost of $22,181.76. The same loan with a 36% APR, will have monthly payments of $916.08 and a total cost of $32,978.88.
The application form only takes a couple of minutes to complete. If your request is approved, your money can be deposited by the next business day. In addition to interest rates, borrowers must also pay a one-time origination fee ranging from 0.99% TO 4.99% depending on their credit grade.
CircleBack Lending offers borrowers with good to excellent credit with a fast and inexpensive source of credit. Interest are very competitive, even when compared to leading peer-to-peer lenders, such as Lending Club and Prosper. There are no hidden charges or prepayment penalty fees, so you can save even more on interest payments by paying early. CircleBack Lending also promises to report your monthly payments to credit rating agencies, which will further improve your score and lower your interest rates.